Bitcoin, Ethereum prices plummet after EU lawmakers agree on anti-money laundering rules for crypto
— Businesses, Destroy, Ethereum, European, Asset service providers, Digital assets, Ernest urtasun, Collapse, Europe ’, Antimoney — 1 min read
European Union has finalized its Markets in Crypto Assets regulation, to trace and identify crypto transfers. Businesses in the crypto industry are now required to verify the identities of their customers and report suspicious transactions. Analysts predict Bitcoin price could plummet to $17,578 for the asset to collect liquidity if the downtrend continues to play out. The EU has made progress through comprehensive regulation for the continent’s crypto market. The regulation covers “cold” wallets in addition to service providers like exchanges, wallet services and other platforms. The rules regarding identification and tracing of crypto transfers will apply to transactions exceeding €1,000 in fiat value. The new legislation will be aligned closely with markets in Crypto assets rules (MiCA), alongside a focus on anti-money laundering initiatives. Source